沐人网联席首席周杨久好在感谢大家来参加我们今天下午底部靠AI系列电话会议的第五个电话会议这次电话会议的背景主要是在最近我们看到了海外的开源模型取得了一些比较重大的进展包括在三季度我们应该会看到一些视频模型陆续在上半年的基础上会有一些落地和进展可能会成为未来整个模型发展的一个方向之一所以基于这样一个背景的话我们在这个时点的话是 举办了这么一个电话会议尤其是在现在其实市场整体比较的悲观但是我们看到整个大模型科技应用这块的进展其实还是非常的鼓舞人心的所以我想我们就借这个电话会议的机会去分享一下最新的大模型的一些边界和进展实际上我们希望通过我们的一些分享呢让大家能够感受到现在整个大模型演进的速度包括方向还有一些细节希望能够和大家有一些共同的一些探讨 今天的分享的话其实主要是有两部分一部分的话是先由我来分享一下关于最新的nata最帅的开源大模型那么3.1然后由我的同事张文宇来分享一下关于视频模型的一些跟踪和测试的一些情况最后的话就是我们会有一些文件的时间我想大概会在20到30分钟首先我们来看一下nata最新发布的开源模型那么3.1 这个模型的话是在7月24号昨天发布的堪称是几天为止功能最为强大的开源型大模型它的整个参数 ...

20 June 2024 | 11:48PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Kuaishou Technology (1024.HK): Highlights from June 18 shopping festival; Robust pan-shelf based GMV yet overall moderating; Buy Assessing the potential ceiling and lessons from China Lincoln Kong, CFA +852-2978-6603 | lincoln.kong@gs.com Goldman Sachs (Asia) L.L.C. Ronald Keung, CFA +852-2978-0856 | ronald.keung@gs.com Goldman Sachs (Asia) L.L.C. Steve Qiu +852-2978-2672 | steve.qiu@gs.com Goldman Sachs (Asia) L.L.C. L ...

请稍后 各位投资者晚上好我是长江传媒高超今天给大家带来这个AI黄金档栏目的第41期这一块的话我们还是比较聚焦于国内外的AI这一块包括大模型技术到AI应用这一块的一个落地 这一块上周来看大家比较就是让市场比较亢奋的是这个快手推出自己的这个类似于塑料的这个工具可以说是国内就是目前来看大家跑出来的就是实际测试效果里面其实体验感是最好的这样的一个应用了因为之前其实快手并没有 对外去传递过他在这个AI应用这一块的布局大部分大家观看到的都是快手基于自身的这个视频基于自身的这个应用包括去做这个虚拟人去做电商等广告应用这一块其实是没有太多2C端的这个AI的这样的一个产品去诞生的那这个就是毫无预兆的推出了 就是这个类似于SORA的这个可灵的这个产品啊我相信大家也是看到了非常多的就是这种第三方的测试包括大家自己也去注册的这个账号去测试过目前虽然就是短期来看的话还是只能支持这个图声视频不能就只能支持文声视频还没有到达这个图声视频 而且就是目前来看就是在测试的这个版本里面一次性只能生成五秒不是像就是他实际上就是宣传的就是可以生成两分钟这两分钟的话估计是要等待一定的时间或者这个测试的这个功能还没有开放就目前来看仅仅是 来自于这个纹身视 ...

仅供在新媒体背景下研究观点的其实交流第三方专家发言内容仅代表其个人观点所有信息或所表述的意见并不构成对任何人的投资建议未经开源证券事先书面许可任何机构或个人严禁录音、转发及相关解读涉嫌违反上述情形的我们将保留一切法律权利感谢您的理解和支持 谢谢 各位投资者大家晚上好我是开源证券的传媒互联网首席编辑师黄光正非常感谢各位投资者再次参加我们传媒的观点的每周的录演 那么应该说从今年的这个春节之后我们每周给投资者在这个周一晚上汇报这个传媒互联网的这个最新的观点我们一直强调就是整个AI应用是今年我们传媒互联网的核心的这个投资的主线经营投资者持续围绕这个AI应用去做布局那么我们也看到就是整个的这个 像春节之后solar的出现之后那么我以文身视频视频深圳大模型为代表的多摩钛的大模型的持续的这样的一个升级迭代以及带来了它应用的不断的落地我们看到这块确实是很惊艳的一个非常重要的一个增量的变化 那么在这个我们说二月到这个三月之间的话我们看到我们当时先后也是建议投资者去布局这个AI动画AI影视以及包括围绕Kimi这个长文本Kimi大模型长文本能力的相关的一些机会以及AI教育AI搜索等等这些领域的一些机会我们看到确实在这个二三月能够看 ...

本次电话会议仅服务于华创证券研究所客户不构成投资建议相关人员应自主作出投资决策并自行承担投资风险 华创证券不应使用本次内容所导致的任何损失承担任何责任专家发言内容仅代表专家个人观点不代表本公司观点 本次会议内容不得涉及国家保密信息、内幕信息、未公开重大信息、商业秘密、个人隐私不得涉及可能引发不当炒作或股价异常波动的敏感信息不得涉及影响社会或资本市场稳定的言论未经华创证券事件书面许可 任何机构或个人不得以任何形式复制、刊载、转载、转发引用本次会议内容否则由此造成的一切后果及法律责任由该机构或个人承担本公司保留追究其法律责任的权利市场有风险投资需谨慎各位推特记者大家晚上好我是华人传媒的首席宣示刘欣 也感谢大家在这个假期刚开始的时间里面来参加我们的这个活动主要是因为我们最近关注到不管是资本市场还是一级市场还是产业里面都非常关注快手最近发布的新的模型所以我们也是非常有幸拿到了第一批的测试的资格所以就跟大家去展示一下现在快手的可怜的一个测评的情况 那接下来的时间呢交给我们组的治国和海南让大家尽量啊还是用那个金门财经啊因为我们会有比较多的一些图文展示啊那个治国海南交给你们好的那个谢谢我在线然后感谢各位多多的晚上时间然后现 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 28 May 2024 | 8:53PM HKT 更多一手调研纪要和研报数据加V：shuinu9870 2131d4eaf4cb4d50b1d51c8af07b64b4 Kuaishou Technology (1024.HK): NDR highlights: Early 6.18 sales trend on track, ads+eCom to grow 20%+ yoy; Buy (on CL) We hosted Kuaishou Head of IR for post-result investor meeting. Key highlights: 更多一手调研纪要和研报数据加V：shuinu9870 1) Advertising: Adtech upgrade. Daily incremental ad revenue of Rmb10mn revenue (Rmb3bn if annualized) from Gen-AI empowered ad solutions; longer-term Kuaishou to use AI en ...

Financial Data and Key Metrics Changes - Total revenue for Q1 2024 grew by 16.6% year-over-year to RMB29.4 billion, with a gross margin close to 55% and an adjusted net profit of RMB4.4 billion, resulting in an adjusted net margin of 14.9% [8][34] - Online marketing services revenue increased by 27.4% year-over-year to RMB16.7 billion, accounting for 56.6% of total revenue [34][36] - E-commerce GMV grew by 28.8% year-over-year to RMB288.1 billion, with monthly active paying users increasing by 22.4% to 126 million [20][21] Business Line Data and Key Metrics Changes - Revenue from online marketing services rose significantly, driven by increased client spending and the adoption of smart marketing solutions [34][36] - Live streaming revenue decreased by 8% year-over-year to RMB8.6 billion, reflecting industry challenges [36] - E-commerce business saw a surge in both buyer conversion efficiency and the number of active merchants, with a 70% increase in daily active merchants year-over-year [21][23] Market Data and Key Metrics Changes - Average DAUs and MAUs on the Kuaishou app reached 394 million and 697 million, growing by 5.2% and 6.6% year-over-year, respectively [10] - Revenue from overseas business reached RMB191 million in Q1, up 193.2% year-over-year, with significant growth in key markets like Brazil [29][30] Company Strategy and Development Direction - The company is focused on enhancing user experience and monetization efficiency through AI technology and smart marketing solutions [9][31] - Kuaishou aims to integrate shelf-based and content-based e-commerce to drive sustainable growth in its e-commerce business [48] - The strategy includes optimizing the balance between traffic ecosystem and monetization to create a healthy environment for users and merchants [40] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's robust financial position and commitment to sustainable growth despite market challenges [33][34] - The focus will be on leveraging technology and innovation to unlock monetization potential and create long-term value for shareholders [40] Other Important Information - The company has launched a new buyback program of up to HKD16 billion over the next three years, reflecting confidence in its value and commitment to shareholder returns [63][66] - Significant advancements in AI and large language models were reported, with applications in various business scenarios enhancing user engagement and operational efficiency [68][72] Q&A Session Summary Question: Progress of e-commerce shopping mall business - The e-commerce business is experiencing rapid growth, with shelf-based e-commerce achieving over 50% year-over-year growth in Q1 2024 [42][43] Question: Driving forces for further revenue growth in online marketing services - Revenue growth will be driven by investments in ECPM and ad load, with a focus on enhancing sales funnel conversion paths for clients [49][50] Question: Strategy and tactics for local services in 2024 - The company aims to optimize local service offerings and enhance user experience, with significant growth in daily paying users of local services [55][58] Question: Considerations for the new buyback program - The new buyback program reflects the company's confidence in its value and is based on thorough analysis of cash flow and market expectations [63][66] Question: Latest progress on AI and large language models - The company has made significant advancements in AI, with applications in content understanding and customer service, enhancing operational efficiency [68][72]

谢谢operator 大家好 欢迎参加快手科技2024年第一季度业绩电话会议今天出席电话会议的管理层有快手科技的联合创始人董事长兼首席执行官程一孝先生和快手科技首席财务官金炳先生在会议开始之前我们想提醒您今天的会议内容可能包含前瞻性陈述其中涉及诸多风险和不确定性实际结论和结果可能与今天讨论的结论和结果有所不同 除法律要求外,本公司不承担任何更新此前来境信息的义务。有关本会议的所有重要资料,包括前来境陈述,请以公司公开资料或今日早些时候在公司二二网站发布的截至2024年3月31日的2024年第一季度业绩公告为准。 今天的电话会议中,管理层还将讨论某些非国际会计准则的财务指标,仅供考虑作为补充,但不能替代根据国际会计准则编制的公司财务业绩指标。有关非国际会计准则财务指标的定义,及其与国际会计准则财务业绩的对照,以及相关风险因素提示,请参阅公司2024年第一季度业绩公告。 今天的电话会议中管理层将用中文作为主要沟通语言第一部分管理层发言环节第三方传译员将提供英文同声传译第二部分问答环节第三方传译员将提供英文交替传译翻译仅为提高会议效率若翻译与中文内容有所出入请以管理层的中文原始陈述为准最后除非您有说明所有在电话会议 ...

Kuaishou Technology (OTCPK:KUASF) Q4 2023 Results Earnings Conference Call March 20, 2024 7:00 AM ET Company Participants Matthew Zhao - Vice President of Capital Markets, Investor Relations Cheng Yixiao - Co-founder, Executive Director, Chairman of the Board and Chief Executive Officer Jin Bing - Chief Financial Officer Conference Call Participants Lincoln Kong - Goldman Sachs Thomas Chong - Jefferies Felix Liu - UBS Alex Poon - Morgan Stanley Lei Zhang - Bank of America Operator Good day, ladies and gentl ...

Financial Data and Key Metrics Changes - The company achieved a group-level net profit of RMB2.18 billion and an adjusted net profit of RMB3.17 billion, marking a significant improvement in profitability [8][74] - Group revenue grew by 20.8% year-over-year to RMB27.9 billion, driven by growth across core businesses [66] - Gross profit for Q3 grew by 35% year-over-year to RMB14.5 billion, with a gross profit margin of 51.7% [70][71] Business Line Data and Key Metrics Changes - Revenue from online marketing services increased by 26.7% year-over-year to RMB14.7 billion, accounting for 52.6% of total revenue [66][26] - E-commerce GMV grew by approximately 30% year-over-year, significantly outpacing industry growth [69][36] - Live streaming revenue increased by 8.6% year-over-year to RMB9.7 billion, driven by improved content offerings [69][54] Market Data and Key Metrics Changes - Average Daily Active Users (DAUs) reached 387 million, and Monthly Active Users (MAUs) reached 685 million, representing year-over-year increases of 6.4% and 9.4% respectively [15] - The average daily time spent per DAU on the Kuaishou app was 129.9 minutes, with total user time spent growing by 6.9% year-over-year [16] - Searches average monthly users exceeded 470 million, with daily search inquiries peaking at over 700 million [24] Company Strategy and Development Direction - The company aims to strengthen cooperation between its e-commerce and commercialization business units to enhance monetization efficiency [14] - Focus on fostering high-quality original content creation and exploring innovative user acquisition channels [18][17] - The company is committed to optimizing the synergy between its traffic ecosystem and monetization system [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of e-commerce GMV growth, citing the mass market's increasing demand for quality goods [83] - The company anticipates continued growth in external marketing services, particularly in media information, education, and healthcare sectors [88] - Management highlighted the importance of refining operations and enhancing user experience to drive future growth [75] Other Important Information - The company launched its own in-house data center, Kuaishou Smart Cloud, to improve operational efficiency [9] - A new AI strategy was initiated to integrate advanced technologies into business operations, enhancing user interaction and content creation [110] Q&A Session Summary Question: Performance of Double 11 and sustainability of e-commerce GMV - Management reported that Double 11 sales exceeded expectations, with presale GMV increasing by 84% year-over-year and shopping mall GMV accounting for around 10% of total GMV [78][79][81] Question: Growth in external enterprise revenue and industry performance - Management noted strong growth in media information and education sectors, with paid short plays seeing over 300% growth year-over-year [89][90][92] Question: New initiatives in local services and Kwai Hire - Management highlighted a five-fold increase in average daily GMVs for local services and significant growth in active merchants [97][99][102] Question: Capital return policy and cash flow management - Management confirmed a strong operating cash flow of RMB7.7 billion and ongoing share repurchase plans, indicating confidence in financial performance [106][107] Question: Progress in AI initiatives - Management shared advancements in AI, including the development of large language models and their applications in content creation and user interaction [110][113]